From today's Central Valley Business Times:
John Rubino is convinced the current retreat in the nation’s housing market has all the signs of a bubble that’s bursting.
Mr. Rubino, a financial writer and advisor, says the bursting could be so severe, that it might trigger if not an actual depression, at least a recession in the United States.
What we’ve ended up with is a classic bubble … with prices being far higher than the average family can afford, especially on the coasts,” he says in a CVBT interview. “It’s very possible a housing bust in 2007 turns into a general recession. You have the real danger of this snowballing into a serious, economy-wide, problem
Tuesday, October 03, 2006
Posted by Bakersfield Bubble at 5:15 PM